NEW YORK — JLL Capital Markets sold a performing loan portfolio for Macquarie Private Debt, a division of Macquarie Asset Management. The portfolio includes 11 floating-rate, first mortgage loans with a weighted-average spread of 3.83% over 30-day LIBOR. The loans are collateralized by several preferred property types that include multi-housing (66% of portfolio unpaid principal balance), self-storage (27%) and office (7%) and are located across the United States. The buyer acquired the performing loan portfolio for approximately $150 million.

Each loan is structured with a LIBOR floor, an increasingly prevalent structure among lenders following recent market events. The loans are current and in good-standing, as proven by their payment history and weighted-average loan metrics that include a weighted-average debt-service coverage ratio of 1.30x and a weighted-average debt yield of 7.5%.

The JLL professionals who handled the sale assignment include Director Stephen Van Leer and Managing Director Sean Ryan.

“The portfolio provided the unique opportunity for the buyer to acquire a set of performing, light-transitional loans associated with strong sponsorship and high-quality real estate,” Van Leer said. “The offering received unbelievable market reception, mainly in part by the portfolio’s varying asset locations and product types that created an attractive, risk-diverse pool for investors.”

“We view this sale as a great example as to how some bridge lenders have opted to do a loan sale rather than a CLO execution,” Ryan added. “The entire process totaled 10 weeks and yielded the seller premium-to-par pricing.”

SAN FRANCISCO – JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5% LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.  

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.

The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.

“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.

“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”

DENVER – JLL announced today that it has arranged the $41 million refinancing of Decatur Point, a 203-unit, Class A, mid-rise multi-housing property in Denver’s Jefferson Park neighborhood.

JLL worked on behalf of the borrower, Riverpoint I, LLC, to secure the 10-year, 3.56%, fixed-rate loan through a correspondent life company lender. The loan featured a forward-rate lock and interest-only amortization. The property is managed by Iron River Management, LLC whose principal, Jonathan Ringham, is also the lead investor in the property.

Decatur Point is located at 2700 Decatur Street just across the river from downtown and Union Station near some of Denver’s top dining, retail, recreation and nightlife destinations. The property is also minutes from the Cherry Creek and Platte River trails as well Speer Boulevard and Interstate 25. Completed in 2017, Decatur Point comprises a mix of studio, one- and two-bedroom units averaging 775 square feet with modern finishes and amenities, including full-size washers and dryers, private balconies and designated underground parking and bike storage. Additional common area amenities include a 3,500-square-foot landscaped courtyard with lounge seating; an outdoor swimming pool and spa; grilling and outdoor dining area; fitness center and yoga studio; club room with gaming area and bar; and a rooftop sky lounge with outdoor kitchen and cocktail station that provides panoramic views of the Denver skyline. The property is 96% occupied.

The JLL Capital Markets team representing the borrower was led by Managing Director Josh Simon.

WASHINGTON D.C. – JLL announced today the closing of the sale of Skyline Towers, a 939-unit, high-rise apartment community located in Falls Church, Virginia.

JLL marketed the property on behalf of the seller, Equity Residential, and procured the buyer.

Skyline Towers, which is located in an opportunity zone, consists of two 26-story towers that are adjoined by amenities, a central leasing office and a courtyard with a pool. The property is located at 5599 Seminary Road, less than three miles northwest of the Interstate 395 and Route 7 (King Street) interchange within the Interstate 495 Beltway, which offers residents convenient access to Northern Virginia and Washington, D.C. employment centers. In addition, Skyline Towers is surrounded by 2.4 million square feet of premier retail, including a Target and 340,000-square-foot Giant-anchored power center.

Skyline Towers includes a mix of studio through three-bedroom units totaling more than one million rentable square feet and nearly 7,000 square feet of 100% leased ground-floor retail. Unit amenities include stainless steel appliances, eat-in kitchens, spacious closets and oversized balconies. In addition to panoramic 360-degree views of Washington, D.C., the property features a 24-hour fitness center, theater room, conference room, computer lounge, game room and weekday shuttle service to the Pentagon City Metro Station.

The JLL Capital Markets team representing the seller included Walter Coker and Brian Crivella.

CHARLOTTE – JLL announced today that it has closed the sale of Tradition at Stonewater, a 351-unit, suburban, garden-style apartment community in Cary, North Carolina.

JLL marketed the property on behalf of the seller, an affiliate of Banner Real Estate Group, and procured the buyer, Goldman Sachs Merchant Banking Division.

Tradition at Stonewater is located at 12000 Wisdom Drive near major employment centers such as Research Triangle Park and Duke University & Medical Center. Completed in 2009, the institutionally maintained property is 96% leased and includes 351 units averaging 1,016 square feet each. Community amenities include a resort-style saltwater swimming pool, outdoor lounge, screened-in summer kitchen, fitness center, theater room, business center and gated dog park.

The JLL Capital Markets team representing the seller included Managing Directors Jeff Glenn and Justin Good, Senior Director Allan Lynch, Director Caylor Mark and Senior Vice President Andrea Howard.

MIAMI – JLL announced today it has arranged $17.78 million in acquisition financing for a 144-unit, garden-style, scattered-site apartment portfolio in Boca Raton, Florida.

Working exclusively on behalf of Boca ATC, JLL placed the 10-year, fixed-rate loan with Freddie Mac. The loan, which funded Boca ATC’s acquisition of the portfolio, will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. 

The portfolio’s 144 value-add units are located within five separate communities, which were completed between 1971 and 1987. The 95% occupied portfolio features spacious residences averaging 1,011 square feet. The properties are situated in premier infill locations zoned to some of Boca Raton’s best public schools and proximate to the area’s top employment, retail and entertainment demand drivers.

The JLL Capital Markets team representing the borrower was led by Managing Director Elliott Throne and Director Jesse Wright.

“Freddie Mac stepped up to offer highly accretive financing for a strong sponsor with a great track record despite the nuance of the scattered site aspect of the offering,” Throne said. “Congratulations to Boca ATC for a superb acquisition.”